The Union Cabinet has approved the promulgation of Fugitive Economic Offenders Ordinance which would have measures to attach and confiscate proceeds of crime associated with economic offenders like Nirav Modi and deter them from evading the process of Indian law by fleeing the country.&nbsp;

The Ordinance is expected to re-establish the rule of law which would force such offenders to return to India to face trial. This would also help the banks and other financial institutions to achieve higher recovery from financial defaults.&nbsp;

It is expected that a special forum to be created for the expeditious confiscation of the proceeds of crime, in India or abroad, would coerce the fugitive to return to India to submit to the jurisdiction of Courts in India to face the law in respect of scheduled offences.

The Ordinance makes provisions for a Court ('Special Court' under the Prevention of Money-laundering Act, 2002) to declare a person as a Fugitive Economic Offender. A Fugitive Economic Offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution.&nbsp;

In order to ensure that Courts are not over-burdened with such cases, only those cases where the total value involved in such offences is 100 crore rupees or more, is within the purview of this Ordinance.

Since the approved law would utilise the existing infrastructure of the Special Courts constituted under the Prevention of Money-laundering Act, 2002 and the threshold of scheduled offence is high at Rs. 100 crore or more, no additional expenditure is expected on the enactment of the Ordinance.

Background

There have been instances of economic offenders such as Nirav Modi and Vijay Mallya fleeing the country to fend off criminal proceedings. The existing civil and criminal provisions in the&nbsp;law are not entirely adequate to deal with the severity of the problem.

The Fugitive Economic Offenders Bill, 2018 was introduced in Lok Sabha on the 12th March, 2018 and was listed for consideration and passing in Lok Sabha on many occasions after its introduction. The Lok Sabha has since been adjourned sine die and both the Houses of Parliament were prorogued on 6th April, 2018. 
&nbsp;

The Ordinance is expected to re-establish the rule of law with respect to the fugitive economic offenders as they would be forced to return to India to face trial for scheduled offences.

The Union Cabinet has approved the promulgation of Fugitive Economic Offenders Ordinance which would have measures to attach and confiscate proceeds of crime associated with economic offenders like Nirav Modi and deter them from evading the process of Indian law by fleeing the country. The Ordinance is expected to re-establish the rule of law which would force such offenders to return to India to face trial. This would also help the banks and other financial institutions to achieve higher recovery from financial defaults. It is expected that a special forum to be created for the expeditious confiscation of the proceeds of crime, in India or abroad, would coerce the fugitive to return to India to submit to the jurisdiction of Courts in India to face the law in respect of scheduled offences. The Ordinance makes provisions for a Court ('Special Court' under the Prevention of Money-laundering Act, 2002) to declare a person as a Fugitive Economic Offender. A Fugitive Economic Offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution. In order to ensure that Courts are not over-burdened with such cases, only those cases where the total value involved in such offences is 100 crore rupees or more, is within the purview of this Ordinance. Since the approved law would utilise the existing infrastructure of the Special Courts constituted under the Prevention of Money-laundering Act, 2002 and the threshold of scheduled offence is high at Rs. 100 crore or more, no additional expenditure is expected on the enactment of the Ordinance. Background There have been instances of economic offenders such as Nirav Modi and Vijay Mallya fleeing the country to fend off criminal proceedings. The existing civil and criminal provisions in the law are not entirely adequate to deal with the severity of the problem. The Fugitive Economic Offenders Bill, 2018 was introduced in Lok Sabha on the 12th March, 2018 and was listed for consideration and passing in Lok Sabha on many occasions after its introduction. The Lok Sabha has since been adjourned sine die and both the Houses of Parliament were prorogued on 6th April, 2018.

Cabinet approves ordinance to crack down on fugitive economic offenders like Nirav Modi

<a href="http://www.wionews.com/india-news/cabinet-approves-promulgation-of-the-fugitive-economic-offenders-ordinance--131847">Cabinet approves promulgation of Fugitive Economic Offenders Ordinance</a>

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved the proposal of the Ministry of Finance to promulgate the Fugitive Economic Offenders Ordinance, 2018 ("the Ordinance"). &nbspThe Ordinance would lay down the measures to empower Indian authorities to attach and confiscate proceeds of crime associated with economic offenders and the properties of the economic offenders and thereby deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.

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Cabinet approves promulgation of Fugitive Economic Offenders Ordinance The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved the proposal of the Ministry of Finance to promulgate the Fugitive Economic Offenders Ordinance, 2018 ("the Ordinance"). &nbspThe Ordinance would lay down the measures to empower Indian authorities to attach and confiscate proceeds of crime associated with economic offenders and the properties of the economic offenders and thereby deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts. Union cabinet approves ordinance for death penalty for rape of children The Union Cabinet on Saturday approved an ordinance to allow courts to award death penalty to those convicted of raping children up to 12 years of age. BJP will rid Raebareli of 'parivarvad': Amit Shah Taking his party's fight against the Congress to the Gandhi family's pocket borough, BJP president Amit Shah today said his party would rid Rae Bareli, the Lok Sabha constituency of former Congress president Sonia Gandhi, of 'parivarvad' and take it on the path of development. South Korean is sceptical of North Korea's 'nuclear' promises North Korea's announcement of a halt in its nuclear and missile tests was met with scepticism by many South Koreans on Saturday, highlighting political risk for the South's president as he embarks on the latest push for peace on the peninsula. Milind Soman and Ankita Konwar finally getting married today at Alibaug Milind Sonam and Ankita Konwar are finally getting married. The former model and his girlfriend have zeroed it on Alibaug as their wedding destination.

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Cabinet approves ordinance to crack down on fugitive economic offenders like Nirav Modi

News brief: Big stories of the day